Peermont Global adds Tusk Casinos & Hotels to its group of resorts

Date: 25 August 2006 By:

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In a deal valued at approximately R566 million, Peermont Global Limited, a leader in the South African hotel and casino resort industry, has added a new hotel and casino group to its stable. With effect from 21 August 2006, Peermont Global has acquired Tusk Casino Resorts and Hotels Group (‘Tusk Group’), adding five new casino resorts to the Peermont Global group, across the Northwest Province, Limpopo and KwaZulu Natal. The deal, which will see significant refurbishments and hotel extensions taking place, will not result in staff retrenchments.

Mr Ernie Joubert, chief executive officer of Peermont Global, says, “Peermont Global has a proven track record in the design, development and operation of hotels, casinos, resorts and related facilities, so we are excited about adding this group to our stable of offerings. We are also delighted to welcome Tusk management and staff to the Peermont family. For now, it is ‘business as usual’, but we believe that, going forward, this exciting deal will be of benefit to employees of both groups, providing career growth opportunities for all.”

The Tusk casinos and hotels will be re-branded and refurbished, in line with PGL’s hotel and resort brand strategies and standards. Peermont Global’s newly acquired resorts include Tusk Umfolozi, Tusk Mmabatho, Tusk Rio, Tusk Venda and Tusk Taung, adding a total of 838 slots, 35 tables and 271 hotel rooms to Peermont Global’s existing offering.

Says Joubert, “Tusk Rio and Tusk Umfolozi currently have no hotels. We will begin to develop these properties into multi-faceted resorts, which will include hotels and other entertainment and business facilities. The other venues will undergo facelifts and upgrades as well, in order to ensure that they are in line with the exciting, world-class standards and designs of all of the other Peermont Global resorts.”

Joubert concludes, “The South African gaming industry has had a positive impact on the country despite its often misunderstood reputation. It has contributed significantly to job creation and, with the introduction of the New National Gaming Act in 2004, industry players have also been able to play a part in educating casino visitors on responsible gambling. Peermont Global greatly looks forward to positively adding value to the Tusk Resorts and making a contribution to the communities in which they operate.”

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